By Devika Patel
Knoxville, Tenn., Sept. 9 - Canada Lithium Corp. announced that it plans to raise up to C$15 million in a private placement of units through a syndicate of underwriters co-led by Cormark Securities Inc. and Blackmont Capital Inc.
The company will sell up to 27,273,000 units at C$0.55 apiece on a bought deal basis. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.80 for two years.
There is a C$2.25 million greenshoe.
Settlement is expected Sept. 30.
Proceeds will be used for continued exploration and development of the Quebec Lithium Project and the Nevada brines and for general working capital purposes.
Canada Lithium, based in Toronto, is a natural resource company engaged in acquisition, exploration and development of mineral properties.
| Issuer: | Canada Lithium Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$15 million
|
| Greenshoe: | C$2.25 million
|
| Units: | 27,273,000
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Underwriters: | Cormark Securities Inc. and Blackmont Capital Inc. (co-leads)
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 30
|
| Stock symbol: | TSX Venture: CLQ
|
| Stock price: | C$0.63 at close Sept. 8
|
| Market capitalization: | C$66.7 million
|
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